Congress Calls for Revival of Budget Review through Parliament Committee to take Another Look at Economy in the light of COVID-19 Developments

Parliamentarians have suggested a proactive and creative collaboration with the Government to design a post-Covid-19 economy with designated panels, in which seasoned MPs, including former Prime Minister Manmohan Singh, will be members. The Finance Bill that was passed on March 23, amid the lockdown announcement, needs a relook, given the economic emergency. The Parliamentary Standing Committee on Finance should immediately convene a virtual meeting to address the new challenges, said the MPs.

A few members of the Standing Committee on Finance have asked the Centre to come out with a realistic buffer and demands for grants so that the Parliamentary panel can deal with the economic problems effectively.

Senior Congress leader Manish Tewari, a member of the Committee, in a letter to the Chairperson for Standing Committee on Finance Jayant Sinha, said in the context of an economic distress, Parliament and Parliamentary panels have an important role to play. He said the Standing Committee on Finance has 30 members and it will not be difficult to hold a virtual meeting. Manmohan Singh is a member of the panel and suggestions from him will be welcome at this point, Tewari added.

“The objective of such a meeting is not to exercise oversight on the Government's economic response, though I may dare say that it is a legitimate function of Parliament, but to ensure that the 30 members in the committee are able to constructively engage with Government functionaries to fine-tune and precision point the government's response,” Tewari said.

Tewari, in his letter, urged Jayant Sinha to get the necessary permission from the Speaker to hold such a meeting.

Biju Janta Dal MP and panel member Amar Patnaik said such a meeting would be useful. The former CAG auditor said the panel could listen to all the stakeholders and, more importantly, being a bipartisan forum, it may be good for the Government. “So not much politics would play out in this serious crisis because all the grants and budget figures as was presented a month ago have lost any meaning now...,” he said.